Nigeria's revenue declines again in October, N593bn shared

Nigeria's revenue declines again in October, N593bn shared

Wednesday, November 19, 2014 10:32 am

The Minister of State for Finance, Mr Bashir Yuguda, said that federal, states and local governments had shared N593.33 billion revenue that accrued to the nation in October.

The figure was N10 billion less than the N603 billion shared in September and N18 billion less than N611billion shared in August.In July N673 billion was shared among the three tiers of government.

Yuguda in a briefing on the outcome of the Federation Accounts Allocation Committee (FAAC) meeting said that the shared amount comprised statutory revenue of N484.32 billion, N35.55 billion Subsidy Reinvestment and Empowerment Programme (SURE-P) funds and N6.33 billion refunded by the Nigerian National Petroleum Corporation (NNPC).

Other component of the money, according to him, is Value Added Tax (VAT) amounting to N67.14 billion.

Giving the breakdown of the distribution of the revenue among the three tiers of government, Yuguda said the Federal Government received N224.26 billion representing 52.68 per cent, and states, N113.75 billion, representing 26.72 per cent.

The local governments, he said, received N87.69 billion, amounting to 20.60 per cent of the distributed revenue.

He also disclosed that N47.12 billion, representing 13 per cent derivation revenue was shared among the oil producing states.

On VAT, he said that the gross revenue collected for the month increased by N2.03 billion to N67.13 billion as against N65.1 billion recorded in the preceding month.

The minister said that the nation generated N420.03 billion as mineral revenue during the period as against N374.74 billion generated in September, adding that the performance indicated a “marked increase” of N45.29 billion between the two months.

“The non-mineral revenue for the month of September is N116.66 billion, which when compared to the N127.36 billion generated in August shows a decrease of N10.7 billion.

“FIRS received N2.47 billion, the Nigerian Customs got N3.83 billion and DPR received N5.17 billion as their cost of revenue collection for the month of September ,’’ he said.

In September, the amount shared was N603.529 billion. The Federal Government got N217.771 billion (52.68%); the State Governments N110.456 billion (26.72%) and the Local Governments N85.157 billion (20.60%). The oil producing States got N43.735 billion as 13% derivation revenue.

A communiqué issued by the Federation Accounts Allocation Committee (FAAC) indicated that the gross revenue received for September was N502.097 billion. This amount, when compared to the N601.648 billion received in August 2014 showed a decline of N99.551 billion.

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